DETROIT, US: Expedia CEO Dara Khosrowshahi has been named Uber’s top executive, taking the difficult job of mending the dysfunctional ride-hailing giant and turning it from money-losing behemoth to a profitable company.
Uber’s fractured eight-member board voted to hire Khosrowshahi late Sunday, capping three days of meetings and the withdrawal of once-top candidate Jeffery Immelt, former CEO and still chairman of General Electric, two people briefed on the decision said. They didn’t want to be identified because the decision had not been officially announced as of Sunday night.
Khosrowshahi has been CEO of Expedia since August of 2015. The online booking site is one of the largest travel agencies in the world.
He will replace ousted CEO Travis Kalanick and faces the difficult task of changing Uber’s culture that has included sexual harassment and allegations of deceit and corporate espionage. Uber also is losing millions every quarter as it continues to expand and invest in self-driving cars.
The company currently is being run by a 14-person group of managers and is without multiple top executive positions that will be filled by Khosrowshahi.
Khosrowshahi has served as a member of Expedia’s board since it was spun off from IAC/InterActiveCorp. two years ago. An engineer who trained at Brown University, Khosrowshahi helped to expand IAC’s travel brands which were combined into Expedia, the company’s website says. He also serves on the boards of Fanatics Inc. and The New York Times Co.
He immediately will face troubles on many fronts, including having to deal with multiple board factions that had once pushed Immelt and Hewlett Packard Enterprise CEO Meg Whitman. Several factions of the board are suing each other.
Whitman, an investor in Uber, denied multiple times publicly that she was interested in the job. Although she spoke to some board members remotely Friday night, they could not guarantee an end to their infighting or that Kalanick would not become board chairman, said another person with knowledge of the board discussions. That person also didn’t want to be identified because board discussions are supposed to be private.
Khosrowshahi also must bring together a messy culture that an outside law firm found was rampant with sexual harassment and bullying of employees. He also must deal with driver discontent, although Uber already has started to fix that by allowing riders to tip drivers through its app.
Expedia CEO Dara Khosrowshahi to lead Uber
Expedia CEO Dara Khosrowshahi to lead Uber
Pakistan, Saudi Arabia reaffirm push for joint energy and mining projects
- In recent years, Saudi Arabia has positioned itself as a leader in the global minerals and energy sectors
- Both sides reaffirm commitment to enhance partnership and promote mutually beneficial investments
ISLAMABAD: Pakistan and Saudi Arabia have agreed to enhance cooperation in energy and mineral sectors, the Pakistani information ministry said on Friday, as the two sides seek to deepen economic ties and promote joint investment.
The development comes weeks after Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef at the Future Minerals Forum in Riyadh that saw participation from 13 public and private Pakistani firms.
Pakistan petroleum ministry said Alkhorayef had pointed out “vast opportunities” for cooperation between Pakistan and Saudi Arabia in the minerals sector, adding that the Kingdom would support the development of Pakistan’s mining industry through its knowledge and technical expertise.
On Friday, Malik held a meeting with Nawaf bin Said Al-Malki, Saudi ambassador to Pakistan, to discuss areas of mutual cooperation and further strengthen bilateral relations between the two brotherly countries, according to the information ministry.
“Both sides reviewed ongoing collaboration and explored new avenues for cooperation, particularly in the energy and minerals sectors,” it said in a statement. “They reaffirmed their commitment to enhancing economic partnership and promoting mutually beneficial investment opportunities.”
In recent years, Saudi Arabia has positioned itself as a leader in the global minerals and energy sectors and accelerated investments in green technologies, sustainable mining practices and international collaborations that are shaping the future of the mines and mineral industry.
Last year, Saudi Arabia’s Manara Minerals, a Public Investment Fund and Maaden joint venture, also expressed intent to acquire a 15 percent stake in Pakistan’s Reko Diq gold and copper mine. The $7 billion project, located in Balochistan, is being developed by Canadian mining giant Barrick Gold in partnership with Pakistan’s federal and provincial governments.
Malik expressed confidence that longstanding brotherly relations between Pakistan and Saudi Arabia would translate into tangible outcomes, fostering investment, technology exchange, and sustainable development initiatives for mutual benefit.
Ambassador Al-Malki appreciated Pakistan’s active participation in the Future Minerals Forum, which offered significant opportunities for regional collaboration, according to the statement.
“Both sides agreed to maintain close coordination to further strengthen economic and strategic cooperation in the coming period,” the information ministry added.
